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There has been no new 'direction' announced. We have another PIPE. The "inventor" has been demoted and one of his buddies is now CEO. Please enlighten us on the massive growth new direction.
Very excited to see the direction the company is moving to. Positioning themselves for massive growth!
The numbers kept changing on the valuation of that asset purchase in the filings. According to the last 10Q, it's written off completely. And JB stepped down? Maybe JB misses his computer stuff.
What happened to the shares? Where is the equipment that JBI owns? Poof?
Gately was sanctioned by the PCAOB. He was done BEFORE the JBI audit.
3) The asset purchase was audited by James Gately.
What happened to the 809,593 shares he got for selling the data equipment to himself?
Bordynuik John William
FORM 3 - 08/03/2009
310 HOLDINGS, INC. [ TRTN.OB ]
Common Stock, $0.001 par value 809,593 I John Bordynuik, Inc.
Common Stock, $0.001 par value 40,250,000 D
S/ John Bordynuik 08/03/2009
FORM 3 - 08/03/2009
sec.gov/Archives/edgar/data/1381105/000121390009001900/xslF345X02/f3john_310holdex.xml
FORM 5: Bordynuik John William 01/14/2011
Common Stock (1) 08/27/2009 08/27/2009 J 10,000,000 D $0 30,250,000 D
Common Stock (2) 02/02/2010 02/02/2010 S 23,846 A $3 30,273,846 D
Common Stock (3) 03/02/2010 03/02/2010 J 9,000,000 D $0 21,273,846 D
Common Stock (3) 03/02/2010 03/02/2010 J 12,000,000 D $0 9,273,846 D
Common Stock (4) 10/06/2010 10/06/2010 J 800,000 D $0 9,073,846 D
Common Stock (4) 10/06/2010 10/06/2010 J 200,000 D $0 8,273,846 D
Common Stock 01/12/2011 01/12/2011 P 3,000 A $0.68 8,276,846 D
FORM 5
http://sec.gov/Archives/edgar/data/1381105/000114036111003047/xslF345X03/doc1.xml
"40,250,000 shares of the Issuer's common stock were acquired by the Reporting Person on April 24, 2009 and an additional 809,953 shares were issued to the Reporting Person pursuant to an Asset Purchase Agreement dated June 25, 2009."
16 days later (on 8/27/09), based on a Form 5 filed on 1/14/11, he no longer reflected the 809,953 shares as his own.
Poof...gone.
On a Form 3 filed on 8/3/09 he acknowledged that he had INDIRECT ownership of the shares, which belonged to John Bordynuik, Inc.
It's all right here:
http://sec.gov/cgi-bin/browse-edgar?CIK=0001440210&action=getcompany
I'm sure Bordynuik will be asked to explain to the SEC how they went "poof".
You saw A truck and A driver at JBI's MRF? Wow! That is a lot of activity! And no activity at the JBI blending site and no activity at JBI's Iroquois facility except humming? I wonder if those big water intake systems across the road hum? I wonder if the pressure washers used by JBI's neighbor hum? Hmm.
JBI does not make #5.
http://www.plastic2oil.com/site/fuel-specs
JBI has yet to prove they make anything listed on the website and sells it on a consistent basis.
JBI has told a lot of lies and made a lot of forward looking statements to sell stock and pipes. Not fuel.
GLTA
Campaign Contributions. Photo Ops. Representatives love that stuff.
NYC HAS NOT SAID THEY LOVE JBI FUEL. THEY HAVE BANNED #6.
NYC doesn't care who's #6. #6 BAN is a #6 BAN.
JBI FUEL WOULD HAVE TO BE SOMEWHERE TO BE BANNED.
Show me where JBI fuel is being used consistently. Hmm.
NYC HATES JBI's #6!!!
Stinks like boiling plastic!!!
Is there a link to anyone buying JBI fuel in NYC? Is this statement based on the future ban of #6 in NYC? #6 is #6. It cannot be called #6 if the properties are different. Low sulfur #6 is still #6.
NYC LOVES JBI'S #6 FUEL!!!!
JBI may publish a conversion rate of 87% at a cost of $10.00/bbl but that's not what is showing in the filings. Until JBI actually produces and sells enough product to prove these numbers it's all talk. JBI needs to walk the walk.
I go with the published conversion rate of 87%.
The weight of the #6 is an estimate based on what little data I could find.
The naphtha number is based on gasoline.
JBI has spent about 30 million so far. They have a prototype machine that hasn't been producing much, they have a second machine they have been testing and tweaking and not producing much. They switched to the same bag system being used by another company out west. Essentially each of JBI's machines has cost 15 million so far.
We've heard that before. AGM, that show the ex CEO did begging for 5 million. P2O isn't flowing, cash isn't flowing - as evidenced in the 10Q. The only thing that keeps flowing are words and broken promises and of course the pipes. "Near term" can mean anything depending on the perspective.
Yeah - his position was redundant after RockTenn took over Smurfit and he was looking for a job.
Any updates on the solid waste permit modification?
Poof? The other cases haven't gone "poof". Settlements aren't "Poof". CA is ongoing, Derivative is ongoing, SEC is ongoing. Kidd is ongoing, etc.
Here are two settlements that cost the shareholders. Plus legal fees.
On February 28, 2011, the Company entered into a settlement agreement related to a legal claim in which the Company’s former consultants and an executive officer claimed money owed to them for consulting work performed in fiscal 2010. Pursuant to the settlement agreement, the Company is liable for a sum of $312,500, which was included in accrued expenses at December 31, 2010.
http://www.sec.gov/Archives/edgar/data/1381105/000121390011003733/f10k2010a1_jbi.htm
In March 2011, a former employee filed a complaint against the Company and its subsidiaries alleging wrongful dismissal and seeking compensatory damages. Subsequent to December 31, 2011, the Company settled with the former employee for $150,000, which was accrued as of December 31, 2011.
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
Form 4 for the CFO. Another 300,000 shares.
http://www.sec.gov/Archives/edgar/data/1381105/000121390012002790/xslF345X03/f4051712ingham_jbi.xml
We know one - John Wesson, new Chairman of the board.
The AGM hasn't been announced. I wouldn't be surprised if it's in either St. Louis(home of Kevin Rauber) or Norcross, GA(home of RockTenn). Maybe even Niagara Falls, New York.
It would be interesting to find out who the venture capitalists, investment bankers, qualified investors and accomplished executives are and what percentage each one holds.
After reading the 10Q I'm positive more than a few people are through putting money in JB's pockets.
Not at all. A lot of people will make some money. JB will make more and go back to his computers.
JB is pretty smart. He'll walk away a multi-millionaire. Do you really think JB cares about P2O?
Form 4 filed. Chairman Wesson bought 154,950 shares for .80 as part of the private placement.
http://www.sec.gov/Archives/edgar/data/1381105/000121390012002770/0001213900-12-002770-index.htm
Based on JB's employment agreement which of these sholly-owned subsidiaries is he managing? And who is managing the others?
Javaco
JBI (Canada) Inc
JBI CDE Inc.
JBI Re One Inc.
JBI Re#1 Inc.
JBI Re#2 LLC
Plastic2Oil of NY#1
Plastic2Oil Marine Inc.
I'd rather see it spent in exorbitant legal fees and excessive auditor fees. Oh wait.....we already are.
Perpetual bonuses and paid vacation are perks of profitable companys.
The company is suffering crushing losses yet is giving out bonuses and paid vacation paid by issuing tens of millions discounted shares and finders fees for PIPE deals?
As a shareholder where would you prefer to see your money spent, bonuses and vacations or setting up new units (such as they are)?
Don't forget, Johnny B still owns another shell. Just shellin'.
So the investment bankers, accomplished executives and venture capitalists invested for value of the media credits that JBI owns but are no longer on the books? Are they collateral?
they were written down but they are there to be used....10 million dollars worth of add placement for JBI to use to get the word out......they may be written down but they are still there.....see?....just worthin'
Why do they need a mobile lab? If they retrofitted the mobile tape reading lab(not needed) to a mobile fuel testing lab(not needed), what happened to the tape reading equipment? That was close to a million dollars worth of equipment!
Not sure about the catalyst but the 10Q did say the tape reading equipment John Bordynuik, Inc. sold to JBI for over 800,000 shares has now been written off the books by JBI. Where did those shares go and what are they doing with the equipment? Do you think John Bordynuik will buy it back for $1.00?
JBI would be smart to dump the recycling facility. It's costing too much in employees, equipment, facility costs, mortgage/lease, etc. JBI would be smart to purchase the shredded plastic. The Gross Margin wouldn't be 90%, it isn't close now. They wouldn't have the added expenses.
Then again, do we even know if the MRF is supplying the site in Niagara Falls NY?
Tape Reading isn't completed for the NASA contract. NASA released this document earlier this week.
http://www.docstoc.com/docs/120468109/Nimbus-IV-Data-Recovery-Process-GES-DISC-NASA
It's an officer ban. The CTO is still an officer.
Agreements with the Investment Group? $10MM Equity Capital Investment
JBI is pleased to announce that investors have agreed to invest $10 million of equity capital via a private placement of unregistered securities at $0.80 per share. The Investment Group participating consists of prominent private equity investors, venture capitalists, investment bankers and accomplished corporate executives.
http://ih.advfn.com/p.php?pid=nmona&article=52415124&symbol=JBII
Contingent on the filing of this Form 10-Q with the SEC and additional confidential factors
I wonder what those additional factors are...without the cash, they're dead in the water, upside down on their current ratio.
TOTAL CURRENT ASSETS
1,562,536
TOTAL CURRENT LIABILITIES
4,419,821
PIPE. $10 million
Contingent on the filing of this Form 10-Q with the SEC and additional confidential factors, the Company anticipates closing on a $10 million private placement offering for our Common Stock. This private placement offering will be released from an escrow agent into the Company’s operating bank accounts subsequent to the filing of this Form 10-Q and the proceeds will be used to fund expansion of P2O processors and for operations.
So the company, JBI, isn't really important? A lot of JBI pipe and shareholders believe in P2O and are emotional about their money going to help JBI and P2O and what it is supposed to represent.
Is the boat being the share price? I mean that's what's really important isn't it? Nothing traded goes to JBI unless you've invested as a PIPE. It would be depressing if people thought their money was helping the company. That would be an unpleasant discovery.
I hope I am understanding your post correctly. Please let me know if I'm not.
Even scarier to think about the emotional impact on those who miss the JBI boat.
I wouldn't want to deal with THAT kind of depression.
Talk about an unpleasant discovery.
It is! Being scrutinized by the SEC, OSC, ASC, and lots of other folks who bought in at $7 or $4.
JBI might not even be the only entity being scrutinized. There were several people early in the game that had brochures and printed materials left around that might be scrutinized as well.
I wouldn't want to be employed by JBI or even have received shares for promoting it. Scary to think about the discovery phase.
JBI has a history of announcing the PIPE sales after the fact or well into the sale. It's coming.
He's a shareholder. Might even be a pipe holder if he lives in Clearwater since Baldwin and his group was there. He's allowed to have an opinion.
You are all shareholders/pipe holders. If you ever need to fight for what is yours do you want to be on the receiving end? Let it play out if you believe in JBI.
New JBI PIPE? Need to do something to fund the free munchies at the AGM.
Probably. Seems to be the cycle for the PIPE's in the past.
May 10th. It is now NT 10Q and the new deadline is tomorrow. JBII has consistently filed late since it's inception. They often file amendments to their filings so even if they file within the extension, what has been filed is still subject to change. And don't forget, 10Q's are generally unaudited.
When is deadline for 10Q?
John Bordynuik was running PIPE's before P2O was even a concept. Read the filings.
Speaking of static, how's that solid waste permit modification coming? The patent applications? The RockTenn agreement, build, permits? Anybody ever find the number for the data patent from last years 10K? Why hasn't cradle to the grave Waste Management signed a JV? Is the Chrysler Jeep gas tank recall over yet? Any gas tanks left? Is the 10Q coming out tomorrow, Tuesday?
10Q should be out by Tuesday. Wonder what kind of nuggets will be included?
new nuggets of "hope for the next quarter" are tossed out.